Challenge
- The client operates a very decentralized global organization with limited visibility into local operations.
- Over 60 source systems worldwide were managed independently.
- Limited controls in place to manage close procedures and workflows.
- Lack of a global chart of accounts (COA) and uniform processes for providing consolidated financials to senior management resulted in time-intensive manual processes to close the books, provide consolidated results, and to produce reporting packages.
- Currency and forecast analytics were all managed offline, requiring significant labor hours
- The new solution needed to reduce consolidation, close, and reporting timelines by shifting resource allocation to value-added activities instead of gathering data, compiling reports, and performing manual tasks.
Solution
- Global implementation – creating one uniform consolidation process
Rationalized and rebuilt the Chart of Accounts and utilized Custom dimensionality to provide greater visibility into Business Unit, Channel, Platform, and Function information- Facilitated seamless US GAAP to IFRS reporting
- Automated Currency/Hybrid Forecast analytics, including rolling forecast (70+ Scenarios)
- Implemented Financial Data Management (FDMEE) to uniformly load source files from multiple locations and provide drill back capability
- Leveraged Hyperion Reports to produce consolidated financial reporting packages, while allowing Smart View end user access for ad-hoc analysis
Benefits
- Significantly reduced manual effort and time spent closing the books
- Provided more granularity for alternate management reporting, allowing for detailed global views of the business
- Reduced time spent gathering/reconciling data, and increase analytic activities
- Increased level of analytics, specifically around currency analysis
- Enhanced internal controls and enabled transparency around close processes